Saving Capitalism in a Democracy

The intensity of politics in a democracy emerges when the business community is challenged by other forms of countervailing power. Andrew Jackson and Theodore Roosevelt, like FDR, were stigmatized by short-sighted business leaders; but their historic eminence shows their indispensable role in the dynamics of democratic capitalism. Their historic function is to rescue capitalism from the capitalists, functions belatedly recognized by intelligent capitalists themselves.

Arthur M. Schlesinger, Jr.

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